The industry was not expecting the FHFA to give ground on 4% Tier I capital for Fannie and Freddie. Now for the big question: What does it mean for lenders?
The CEOs of Freedom Mortgage and Caliber Home Loans said nonbanks, which face heavy criticism from regulators, don’t necessarily have a riskier business model than depositories.
Andrew Bon Salle, who runs Fannie’s single-family business, will be leaving later this year. Also, several other key GSE executives are planning departures, according to former and current staff.
Industry attorneys said a Biden administration may run into legal hurdles if it wants to make substantial changes to the proposed QM rule. The bureau may have to restart the process from scratch.
Mortgage professionals should ensure social media endorsements, online advertisements and other “virtual” marketing services comply with anti-kickback provisions.
A new rule proposed by the FHFA this week would ensure Fannie Mae and Freddie Mac “stay focused on their core mission and do not stray into business the market already serves well” after they exit conservatorship.
The qualified-mortgage patch will stay in place until the “mandatory compliance date” for the new general QM definition, which the bureau is still working to finalize.
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